Burnaby, British Columbia--(Newsfile Corp. - May 14, 2026) - Canlan Ice Sports Corp. (TSX: ICE) (the "Corporation", "Canlan" or "Canlan Sports") today reported its financial results for the first quarter ended March 31, 2026.
Overview of Q1 2026
- Total operating revenue of $29.4 million increased by $1.4 million or 4.9% compared to a year ago;
- Operating earnings (see "Non-IFRS Financial Measure" above) of $8.7 million increased by $0.2 million or 2.4% compared to 2025; and
- Net earnings of $4.6 million or $0.34 per share compared to $4.2 million or $0.32 per share in 2025.
"Revenue for Q1 2026 grew by 5%, providing a strong indicator that our fundamentals are working and reflects the disciplined execution by our team to leverage our investments in digital transformation, facility enhancements, and participant experience," stated Joey St-Aubin, President and CEO. "We enter 2026 with expanded programming, a growing base of loyal recreational athletes, and a clear strategic roadmap. The momentum we are building today is designed to compound, and we are just getting started."
First Quarter Results
| For the three months ended March 31 | ||||||||||
| (in thousands) | 2026 | 2025 | ||||||||
| Ice rink & recreational facilities revenue | $ | 29,359 | $ | 27,979 | ||||||
| Operating expenses | 18,108 | 17,002 | ||||||||
| 11,251 | 10,977 | |||||||||
| G&A expense | 2,557 | 2,487 | ||||||||
| Operating earnings [1] | $ | 8,694 | $ | 8,490 | ||||||
| Operating earnings per share | $ | 0.65 | $ | 0.64 | ||||||
| Depreciation | 2,017 | 1,971 | ||||||||
| Interest | 706 | 593 | ||||||||
| Interest rate swap (gain) loss | (147 | ) | 291 | |||||||
| Foreign exchange (gain) loss | (4 | ) | 3 | |||||||
| Income tax expense | 1,564 | 1,431 | ||||||||
| Net earnings | $ | 4,558 | $ | 4,201 | ||||||
| Net earnings per share | $ | 0.34 | $ | 0.32 | ||||||
| Key Balance Sheet Figures (in thousands): | March 31, 2026 | December 31, 2025 | |||||||||||
| Assets | |||||||||||||
| Cash and cash equivalents | $ | 13,385 | $ | 14,105 | |||||||||
| Property plant and equipment | 93,862 | 94,825 | |||||||||||
| Other assets | 11,742 | 10,852 | |||||||||||
| Total assets | $ | 118,989 | $ | 119,782 | |||||||||
| Liabilities and Equity | |||||||||||||
| Debt | $ | 41,626 | $ | 42,156 | |||||||||
| Lease liabilities | 8,854 | 9,274 | |||||||||||
| Accounts payable and accrued liabilities | 11,277 | 13,201 | |||||||||||
| Deferred revenue | 11,157 | 14,067 | |||||||||||
| Other liabilities | 5,286 | 5,082 | |||||||||||
| Total liabilities | 78,200 | 83,780 | |||||||||||
| Share capital and contributed surplus | 63,652 | 63,652 | |||||||||||
| Foreign currency translation reserve | 4,683 | 4,054 | |||||||||||
| Deficit | (27,546 | ) | (31,704 | ) | |||||||||
| Total shareholders' equity | 40,789 | 36,002 | |||||||||||
| Total liabilities and equity | $ | 118,989 | $ | 119,782 | |||||||||
First Quarter Results
(three months ended March 31, 2026 compared with three months ended March 31, 2025)
Total operating revenue of $29.4 million increased by $1.4 million or 4.9% compared to 2025 mainly due to pricing and volume increases in third-party surface rentals, adult and youth hockey leagues and youth soccer leagues. In addition, pricing and incremental facility traffic resulted in a 6.3% or $0.3 million rise in food and beverage revenue;
Facility operating expenses of $18.1 million increased by $1.1 million or 6.5% mainly due to increased wages and technology expenses as the Company continues to enhance its security, audio/visual and CRM systems;
After G&A expenses of $2.6 million, operating earnings of $8.7 million increased by $0.2 million or 2.4% compared to 2025; and
Net earnings for the quarter after depreciation, borrowing costs, gain on interest rate swap and income tax expense were $4.6 million or $0.34 per share compared to $4.2 million or $0.32 per share in 2025.
Dividend Policy
Canlan's Board of Directors has approved the continuation of the Corporation's quarterly dividend policy. As such, the Board declares eligible dividends totaling $0.03 per common share that will next be paid on July 15, 2026 to shareholders of record at the close of business on June 30, 2026. Canlan's Board of Directors reviews the Corporation's dividend policy on a quarterly basis. Canlan's dividend is designated as an "eligible" dividend under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits, which reduce income tax otherwise payable.
Filings
Canlan's financial statements and Management's Discussion & Analysis for the quarter ended March 31, 2026 will be available via SEDAR Plus (www.sedarplus.ca) on or before May 15, 2026 and through the Company's website, www.canlansports.com.
About Canlan
Canlan Sports is the North American leader in the operations and ownership of multi-purpose recreation and entertainment facilities. We are amongst the largest private sector owners and operators of recreation facilities in North America and currently own, lease and/or manage 15 facilities in Canada and the United States with 47 ice surfaces, as well as 10 indoor soccer fields, and 18 hard court surfaces. To learn more about Canlan please visit www.canlansports.com.
Canlan Ice Sports Corp. has proudly been listed on the Toronto Stock Exchange for over 35 years and the stock trades under the symbol "ICE."
Caution concerning forward-looking statements
This News Release may contain information that constitutes "forward-looking" information within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, anticipated benefits of capital expenditures (including energy efficiencies and enhanced customer experiences) and expectations of business growth. Forward-looking information is based on the reasonable assumptions, estimates, analyses, beliefs and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable at the date that such information is disclosed. Forward-looking information is subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Canlan to control or predict, that may cause Canlan's actual results, performance or achievements to be materially different from those expressed or implied thereby. Material risk factors that could cause actual results to differ materially from the forward-looking information provided herein include those factors identified in Canlan's public disclosure file available at www.sedarplus.ca and, in particular, the risk factors set out under the heading "Risk Factors" in the Company's MD&A available for review on the Company's profile at www.sedarplus.ca. Such forward-looking information represents management's best judgment based on information currently available. Accordingly, readers are advised not to place undue reliance on forward-looking information. The forward-looking information herein is made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable securities law.
For more information:
Canlan Ice Sports Corp.
Ivan Wu
CFO
604 736 9152
[1] Operating earnings is defined as earnings after general and administrative expenses and before interest, depreciation, foreign currency exchange, gain on assets sold and income tax. However, operating earnings is not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies. Canlan reconciles operating earnings to its net earnings.
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